Although the government provides many different forms of financial aid for college students, they also expect the student and the parents to contribute a monetary sum. This is called the Expected Financial Contribution (EFC).
Computing your EFC is easy enough to do, especially if you are working with a respected college funding solutions provider like John McDonough’s The Studemont Group College Funding Solutions, LLC. The problem lies in the result of your EFC, as there are times when the amount that comes up is far more than what you were expecting.
College tuition fees have been skyrocketing over the past few years, making reliable college savings funds a priority for parents around the country. According to College Board, a nonprofit corporation that helps provide students with access to higher education, the average tuition fee at a moderate private university during the 2014-2015 school year sat at $46,272. Do not let that number discourage you though.
As a parent, you only want the best education you can possibly afford your child. After all, every child has the right to receive a proper education. Even with rising tuition fees, know that there are many ways to help lessen your financial burden and provide your child with the best possible college education. One of the best ways to do this would be to help your child win merit scholarships.
“If the idea of a performance-based funding pushes through, this means that students who want to pursue a certain degree may have more difficulty paying the necessary fees compared with others who take a degree that the market demands. The possibility of such a situation emphasizes the need for a proper college financial planning scheme for students who want to go to college.
Collegiate education is an important experience for a young person who wants to gain success, as a solid college education equips him or her with the proper knowledge and expertise to thrive in the field he or she wishes to join after graduation. It also develops the student’s interpersonal skills, another important trait to acquire when he or she faces the world.”